Our World

Nobel piece prize awarded to Banker

Bangladeshi microcredit pioneer Muhammad Yunus and his Grameen Bank were awarded the Nobel Peace Prize on Friday for their work in advancing economic and social opportunities for the poor, particularly women. Yunus was cited for his efforts to support the growth of his countries economic and social developments by using innovative styled of banking. The microlending system allows thousands of Bangladesh people most of them women to borrow small amounts of money to start there own businesses. The people use the small amounts of cash to by cows for dairy, or chickens for eggs, also the money goes for cell phones which really helps promote business due to the lack of land lines in that area. A micro loan consists of only $50-$100 U.S. way to small of an amount for traditional banking to give out but this little bit is all the opportunity these resourceful people need!

posted by Anonymous @ 10/13/2006 08:37:00 AM